Make the necessary adjusting entries on each of the following independent cases. Show your solutions after...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Make the necessary adjusting entries on each of the following independent cases. Show your solutions after each entry. (5 pts on each problem) 1. A law firm began November with office supplies of P16,000. During the month, the firm purchased supplies of P29,000. On November 30, supplies on hand totaled P21,000. 2. A business received cash of P300,000 in advance for revenue that will be earned later. The cash receipt entry debited cash and credited unearned revenues for P300,000/ At the end of the period, P110,000 is still unearned. 3. An entity's weekly payroll of P50,000 is paid on Fridays. Assume that the last day of the month falls on Wednesday. 4. Equipment costing P508,000 has a useful life of five years with an P60,000 salvage value at the end of five years. Record the depreciation for the year. 1. Adjusting Entry: 2. Adjusting Entry: 3. Adjusting Entry: 4. Adjusting Entry: Questions from FABM 1- Ballada (2017 Edition) Supporting Computation: Supporting Computation: Supporting Computation: Supporting Computation: Make the necessary adjusting entries on each of the following independent cases. Show your solutions after each entry. (5 pts on each problem) 1. A law firm began November with office supplies of P16,000. During the month, the firm purchased supplies of P29,000. On November 30, supplies on hand totaled P21,000. 2. A business received cash of P300,000 in advance for revenue that will be earned later. The cash receipt entry debited cash and credited unearned revenues for P300,000/ At the end of the period, P110,000 is still unearned. 3. An entity's weekly payroll of P50,000 is paid on Fridays. Assume that the last day of the month falls on Wednesday. 4. Equipment costing P508,000 has a useful life of five years with an P60,000 salvage value at the end of five years. Record the depreciation for the year. 1. Adjusting Entry: 2. Adjusting Entry: 3. Adjusting Entry: 4. Adjusting Entry: Questions from FABM 1- Ballada (2017 Edition) Supporting Computation: Supporting Computation: Supporting Computation: Supporting Computation:
Expert Answer:
Answer rating: 100% (QA)
1 Adjusting Entry Office Supplies Expense 24000 Office Supplies 24000 Supporting Computation Supplie... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these accounting questions
-
On December 1, 2011, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by pur-chasing the assets and taking...
-
From the information given, complete the table given below: Prepare an income statement and a statement of changes in equity for the year ended 30 June 2021. Prepare a balance sheet as at 30 June...
-
The financial year for Crystal Catering Services ends on 30 June. After analysing the accounting records and other data for the business of Crystal Catering Services, the following information is...
-
A population of Ecuadorians have short stature. They have a rare genetic defect that affects the body's response to growth horm one, called Laron syndrome. Recent genetic studies have dem onstrated...
-
For 2010, Egils Inc. reported its most significant increase in net income in years. At the end of the year, David Dickens, the president, is presented with the following condensed comparative income...
-
5 The KJA partnership is formed by Kennedy, Jane, and Allyson. Kennedy will contribute $500,000 cash as will Jane. Allyson will contribute real property with a FMV of $800,000 and subject to a...
-
Use the following data to calculate the effects of different backup approaches. Which approach would you recommend? Why? Consider the time required to backup, the amount of media that must be...
-
A revocable trust created by Amir realizes $30,000 of rental income and a $5,000 capital loss. It distributes $22,000 to Ali, its beneficiary. How much income is taxed to the trust, the grantor, and...
-
Here we will identify the variable most correlated with the outcome (the donations to the campaign of interest - column contrib in fund-raising.csv file), build simple linear model for this outcome...
-
Imagine that the perfectly competitive market described in Chapter 7, Problem S1, was transformed into a pure monopoly. (What were formerly independent small firms are now production units owned by...
-
Make the following program using Macro & DeveloperControls: From user input birth year, determine age and evaluate if birth year is a leap year or not. (FILENAME: 08 LeapYear) Birth Year Age Evaluate...
-
You gather the following info about a company: Income Statement for the year 20x5 Sales Expenses COGS Depreciation Goodwill Interest Expense Total Expenses $1500 $1300 20 10 40 $1370 Income from...
-
I'm doing a project of making Bath and Body Works expand its market to Vietnam. How do I address this question? Question: Controls -measures used to monitor progress and confirm that the foreign...
-
Q1 Why might a company such as Uber choose to remain private rather than go public? Q.2 Red Tech Inc. wants to ensure it is ready to sell stock and raise money once the market for its products and...
-
Over a few week period, Alan noticed a nice-looking vintage skateboard in a garage he walked by on his way to the bus each morning. Alan also noticed that a man was often outside the garage working...
-
How do various motivational theories, such as self-determination theory and expectancy theory, inform our understanding of employee engagement and satisfaction within diverse organizational settings ?
-
Convert the following dfa to a RE regular expression: b 2 3
-
Write a program that initializes an array. It inputs a value from the user and searches the number in the array.
-
You have recently taken a position with Albers, Inc., a wholesale company that relies heavily on sales outside the United States. In order to facilitate sales worldwide, the company has warehouses at...
-
How can operating at 100 percent of capacity create unfavorable variances?
-
A number of business transactions carried out by Smalling Manufacturing Company are as follows: a. Borrowed money from a bank. b. Sold land for cash at a price equal to its cost. c. Paid a liability....
-
Firms buy and sell rights to pollute under a system of _________ rights.
-
_________, the costs of negotiating and executing exchanges, must be low for well-defined property rights to allow externalities to be internalized.
-
Under a system of transferable pollution rights, firms with high costs of abatement would likely be _________, and firms with low costs of abatement would be _________.
Study smarter with the SolutionInn App